Allete, Inc. (NYSE:ALE) Shares Bought by Aperio Group LLC
Aperio Group LLC raised its position in Allete, Inc. (NYSE:ALE) by 3.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,681 shares of the utilities provider’s stock after buying an additional 844 shares during the period. Aperio Group LLC’s holdings in Allete were worth $1,626,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of ALE. Peregrine Capital Management LLC acquired a new position in shares of Allete during the first quarter worth approximately $8,548,000. Creative Planning raised its position in shares of Allete by 3.7% in the first quarter. Creative Planning now owns 13,937 shares of the utilities provider’s stock worth $944,000 after buying an additional 500 shares during the period. Bank of Montreal Can raised its position in shares of Allete by 5.4% in the first quarter. Bank of Montreal Can now owns 4,078 shares of the utilities provider’s stock worth $276,000 after buying an additional 209 shares during the period. Louisiana State Employees Retirement System raised its position in shares of Allete by 2.5% in the first quarter. Louisiana State Employees Retirement System now owns 20,400 shares of the utilities provider’s stock worth $1,381,000 after buying an additional 500 shares during the period. Finally, Everence Capital Management Inc. acquired a new position in shares of Allete during the first quarter worth approximately $248,000. Institutional investors own 72.64% of the company’s stock.
Shares of Allete, Inc. (NYSE:ALE) traded down 0.90% on Friday, hitting $73.28. The stock had a trading volume of 65,420 shares. The company has a market cap of $3.73 billion, a PE ratio of 21.56 and a beta of 0.48. The stock’s 50-day moving average price is $72.37 and its 200 day moving average price is $69.55. Allete, Inc. has a 52 week low of $56.48 and a 52 week high of $75.17.
Allete (NYSE:ALE) last posted its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.17. Allete had a return on equity of 9.21% and a net margin of 12.09%. The business had revenue of $353.30 million for the quarter, compared to the consensus estimate of $342.50 million. During the same period in the prior year, the business earned $0.50 EPS. The firm’s revenue for the quarter was up 12.2% on a year-over-year basis. On average, analysts predict that Allete, Inc. will post $3.38 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Tuesday, August 15th will be paid a dividend of $0.535 per share. This represents a $2.14 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date of this dividend is Friday, August 11th. Allete’s dividend payout ratio (DPR) is currently 63.13%.
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A number of research analysts have recently commented on ALE shares. Williams Capital upped their price target on Allete from $70.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, April 21st. Zacks Investment Research upgraded Allete from a “sell” rating to a “hold” rating in a report on Tuesday, April 25th. Ladenburg Thalmann Financial Services upped their price target on Allete from $71.00 to $77.00 and gave the stock a “buy” rating in a report on Friday, June 9th. Finally, BidaskClub lowered Allete from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Allete currently has an average rating of “Buy” and an average price target of $75.38.
In related news, Director Madeleine W. Ludlow sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $74.83, for a total transaction of $187,075.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.42% of the stock is currently owned by corporate insiders.
ALLETE, Inc is an energy company. The Company’s segments include Regulated Operations, ALLETE Clean Energy, Inc (ALLETE Clean Energy), U.S. Water Services Holding Company (U.S. Water Services), and Corporate and Other. The Regulated Operations segment includes its regulated utilities, Minnesota Power, and Superior Water, Light and Power Company, and its investment in American Transmission Company LLC.
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